Crude Oil Futures Analysis – 30Apr2020

Crude Oil Futures have done near complete liquidation or capitulation that’s possible in markets. Now, its a new Crude Oil, and the downtrend has been broken this week. Current price is near $19 per barrel, and the upside target till $30 is visible, even as part of basic recovery in demand and increase in storage space, which is likely once the US economy restarts in May-June 2020. The supply side has been damaged in this massive price correction since Jan 2020, and that could push WTI crude prices up, and in fact make it the same as Brent Crude once the WTI upward journey starts. The real target is $50 per barrel, which maybe hit by April 2021 if global economy recovers by Feb 2021.

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